Suppose that X1, . . . , Xn form a random sample of n observations from the

Question:

Suppose that X1, . . . , Xn form a random sample of n observations from the uniform on the interval [0, 1], and let Y denote the second largest of the observations. Determine the p.d.f. of Y. Hint: First determine the c.d.f. G of Y by noting that G(y) = Pr(Y ≤ y) = Pr(At least n − 1 observations ≤ y).
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...